The Adjudicatory Chamber of the Club Financial Control Body (CFCB) stated that the ban was imposed due to the Manchester-based club "overstating its sponsorship revenue in its accounts and in the break-even information submitted to Uefa between 2012 and 2016", further stating that the club failed to cooperate with the investigation.
Apart from the ban from all European competitions, City have also been fined a fee of £25m as part of the penalty. It is, however, yet to be appealed to the Court of Arbitration for Sport by the club.
Although a number of the players at the club are tied down to long contracts, there is a growing fear that many could look to leave in search of regular Champions League football. Raheem Sterling, one of the Cityzens' crown jewels, has been one of the standout players for both club and country over the last two to three seasons, incidentally coinciding with Guardiola's arrival in Manchester.
However, it has been reported that both the player and the manager are both going to stay at the Etihad despite being banned from Europe in the coming seasons.
Sterling, in particular, has renowned Real Madrid target for a while now but is contracted to the defending Premier League champions until the summer of 2023. Guardiola, on the other hand, was reportedly in talks to replace Max Allegri at the helm of Juventus prior to Maurizio Sarri taking over at the Allianz Stadium. The Catalan's contract is set to expire come summer 2021 and it is yet to be seen as to whether he will sign a contract extension.Published 17 Feb 2020, 18:24 IST